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Sri Lanka stocks fall 0.13-pct, rupee extends record low

Apr 24, 2018 17:14 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka stocks closed 0.13 percent Tuesday on selling in alcohol and tobacco stocks, while bond yields increased as the rupee closed on a record low against the US dollar in the sport market, brokers and dealers said.

The rupee extended its record low to 157.20/30 rupees against the US dollar in the spot market on importer demand, dealers said. The US dollar closed at 156.85/95 rupees the previous day.

The central bank had printed money heavily to push rates down before a New Year season cash demand. On April 18, 15 billion rupees were injected for 8 days. On April 20, 14 billion rupees was mopped up overnight through repo auction. On April 23 banks borrowed 9 billion rupees of printed money. Usually by this time most festival cash comes back to the system.

Gilt yields increased on low trading volumes, dealers said.

A five year bond maturing in 2023 closed at 10.05/15 percent in two-way quotes, up from 10.00/03 percent the previous day.

A ten-year bond closed at 10.30/40 percent, up from 10.25.30 percent the previous day.

The Colombo All Share index fell 8.46 points to 6,516.71, while the S&P SL20 closed 0.22 percent higher, up 8.12 points to 3,683.64.

Market turnover was 356.8 million rupees, down 35.7 percent from the previous close.